For many individuals, particularly high net worth individuals, a second passport has become an essential document for many reasons.
- A second passport allows the holder the opportunity to diversify their wealth portfolio by giving access to financial markets abroad and/or own real estate in the country of your choice.
- The holder of a second passport will no longer have to go through the lengthy and tedious application for a visa and can travel visa-free to about 130 countries around the world including the Schengen area.
- Governments policies can sometimes affect their citizens, particularly businessmen in negative ways. A second passport is an alternative to doing business.
- There is no time when a country is not experiencing a crisis whether it be an economic crisis, war, political unrest or natural calamity. A second passport allows the holder to protect himself and his family, his assets and his business interests.
- The holder of a second passport has the opportunity to have a second home outside of his country of origin where he can live and work, avail of better healthcare, better education for his children and an improved lifestyle.
- A second passport offers its holder the possibility to opt for a more favorable tax regime.
General requirements for a second passport:
Each country that offers a second passport have their own list of requirements but all countries have these three in common.
- The applicant must have no criminal records
- The source of funds to be invested must be legal
- The applicant must be willing to invest in one of the government approved projects whether it be in real estate, government bonds or a national economic fund
There are two options by which an individual can avail of a second passport:
Passport by Investment
Citizenship by investment is the process of obtaining a second passport by investing in the economy of the host country through real estate or government-approved financial instruments or fund programs. Citizenship by investment programs are faster than the traditional immigration process and bring with them several incentives and benefits for the holders. This is true for countries in the Caribbean and the Pacific.
St. Kitts and Nevis, an island country in the Caribbean has the world’s longest and best -managed Passport by Investment program. The government requires a US$150,000 contribution to the Sustainable Growth Fund (SGF) or a US$400,000 real estate investment.
Their program is known as the “platinum standard brand” with investors being guided through an expedited application procedure that allows full citizenship to be granted in as little as 60 days in most circumstances.
The benefits that this program offers investors are excellent offshore banking facilities, a wide range of insurance services and tax incentives.
This program does not require a residency or a visit to St. Kitts and Nevis. Dependents under the age of 30 and parents and grandparents above the age of 55 and who are dependent on the holder can be included in the application.
The holder of a passport from St. Kitts and Nevis can travel visa-free to over 165 countries including the EU Schengen area, the United Kingdom, Ireland, and Switzerland.
Passport by Residence
Residency-by-investment programs allow the holder to live, work, study in the country of their choice and acquire a second passport. Holders can also avail of the healthcare that the country offers. In turn, the holder must invest a significant amount to avail of these privileges and spend an amount of time in the country.
Best countries in which to apply for a second passport
Spain
The residency-by-investment program of Spain requires an investment of at least EUR 500,000 in real estate property that the investor must hold for a minimum of five years. After ten years, the second passport holder can apply for Spanish citizenship.
The investor must purchase with their own funds one or multiple properties in Spain that can be for residential or commercial purposes.
Dependents of the holder – spouse, dependent children, dependent parents – are included in the application and also have the right to live, work and study in Spain.
Holders can obtain their Permanent Residency after five years of actual residence and Citizenship in Spain after ten years of actual residence or two years for those from former Spanish colonies.
Second passport holders can avail of the excellent healthcare and education system of Spain.
Holders can travel visa-free within the Schengen area.
Portugal
The residency-by-investment program of Portugal requires an investment of at least EUR 280,000 in real estate property for the right to live, work and study in Portugal. Applicants can qualify for a permanent residency or citizenship after five years.
Investor can invest EUR 500,000 in a Portuguese Investment Fund or Venture Capital Fund for at least five years wherein at least 60% of the investments are in Portuguese companies or investor can purchase a property with a minimum value of EUR 350,000 or EUR 280,000. The property must be at least 30 years old or located in urban regeneration areas which the investor must promise to refurbish or renovate. Those interested in residential properties can only invest in designated interior areas or low density areas. This requirement also applies to those who would like to invest in properties with a minimum value of EUR 400,000 or EUR 500,000.
Dependents of the holder – spouse, dependent children, dependent parents – are included in the application and also have the right to live, work and study in Portugal.
Holders can obtain their Permanent Residency and Citizenship after five years of actual residence.
Second passport holders can avail of the excellent healthcare and education system of Portugal.
Holders can travel visa-free within the Schengen area.
Greece
The residency-by-investment program of Greece requires an investment of at least EUR 250,000 in real estate property for the right to live, work and study indefinitely in Greece. Residence permit holders can qualify for Greek citizenship after seven years.
Within six months, applicants have a second passport that will grant the holder visa-free access to the Schengen area, avail of the excellent healthcare and educational system of Greece and avail of the different tax incentives that the Greece Residence Permit gives.